The AMF plans to publish a new version of AMF Instruction No. 2008-03, along with a "Guide to Preparing a Programme of Operations" in the third quarter of 2011 after consulting with professional groups.
As the European UCITS IV Directive is transposed into French law, to streamline the authorisation procedure for asset management companies, the AMF has simplified the programme of operations filed by these firms, refocusing on the elements that are essential to the regulator’s analysis, i.e. organisation, resources, marketing and the control system.
The AMF has created a new programme of operations template for asset management companies.
• The template contains two parts: the first part consists of the standard programme of operations, describing the overall organisation of the asset management company; the second part consists of supplementary information forms. These eight forms describe the financial instruments used by the company as part of its management services and have been designed to highlight their specific features.
• Answers have been standardised and summary tables provided to simplify completing the application.
• The existing specialised programmes of operation (for funds of hedge funds, private equity, contractual collective investment schemes, etc.) have been replaced by the supplementary information forms specific to the relevant types of instruments, such as foreign-law investment funds, unlisted securities, debt securities, etc.
The new programme of operations will be required starting 1 July 2011 for any new application for authorisation or extension of an existing authorisation.
The AMF informs existing companies that it is not necessary to update their current programme of operations immediately to comply with the new format. Nonetheless, applications for new authorisations or updated programmes must now be filed using the new template.
Press release
© AMF - Autorité des Marchés Financiers
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